|
Contact:
Bruce
Widener, CEO
502-657-3507
investors@askbeacon.com
Porter,
LeVay & Rose, Inc.
Marlon
Nurse, V.P. – Investor Relations
212-564-4700
Halliburton
Investor Relations
GeralynDeBusk,
President, or HalaElsherbini, COO
972-458-8000
|
Beacon
Enterprise Solutions Announces Additional Credit Facility
LOUISVILLE, KY, November 29 2010 --
Beacon Enterprise Solutions Group, Inc. (OTC BB: BEAC) (www.askbeacon.com),
an emerging global leader in the design, implementation and management of high
performance Information Technology Systems (ITS) infrastructure solutions, today
announces the private placement of a new senior secured credit facility of up to
$3 million in addition to its previously announced $4 million unsecured
facility.
Under the
terms of the offering, Beacon will issue up to a maximum $3,000,000 of 12 month
Senior Secured Notes with warrants to purchase 100 shares of Beacon’s common
stock at $1.00 per share for every $1,000 in principal invested. The
Notes bear interest at 9% APR. Net proceeds will be used to repay and
replace an existing Senior Secured Bank Note totaling approximately $300,000 and
for additional working capital. This funding is in addition to the $4
million unsecured credit facility announced in August of 2010, of which only
approximately $335,000 is currently utilized.
“This
financing increases our access to working capital from $4 million to up to $7
million and will provide for greater flexibility in funding our 2011 growth
objectives,” stated Bruce Widener, CEO of Beacon.
About
Beacon Enterprise Solutions Group, Inc.
Beacon
Enterprise Solutions Group is an emerging global leader in the design,
implementation and management of high performance Information Technology Systems
(“ITS”) infrastructure solutions. Beacon offers fully integrated,
turnkey IT infrastructure solutions capable of fully servicing the largest
companies in the world as they increasingly outsource to reduce costs while
optimizing critical IT design and infrastructure management. Through an
integrated team approach, Beacon offers a broad range of products and services
including IT infrastructure design, implementation and management, application
development and voice/data/security system integration, installation and
maintenance. Beacon’s client roster includes state and local
agencies, educational institutions, and over 4,000 companies ranging in size
from mid-sized companies to the Fortune 500. Beacon is headquartered in
Louisville, Kentucky, with a regional headquarters in Dublin, Ireland, Prague,
Czech Republic and personnel located throughout the United States and
Europe.
For
additional information, please visit Beacon’s corporate website:www.askbeacon.com
This
press release may contain “forward looking statements.” Expressions of future
goals and similar expressions reflecting something other than historical fact
are intended to identify forward-looking statements, but are not the exclusive
means of identifying such statements. These forward-looking
statements may include, without limitation, statements about our market
opportunity, strategies, competition, expected activities and expenditures as we
pursue our business plan. Although we believe that the expectations
reflected in any forward looking statements are reasonable, we cannot predict
the effect that market conditions, customer acceptance of products, regulatory
issues, competitive factors, or other business circumstances and factors
described in our filings with the Securities and Exchange Commission may have on
our results. The company undertakes no obligation to revise or update
any forward-looking statements in order to reflect events or circumstances that
may arise after the date of this press release.
######